Recent statistics show that annually, nearly 25 percent of the working population undergoes some type of career transition. This includes half of all hourly workers leaving their jobs within the first four months and 50 percent of senior outside hires failing within a year and a half.
How can you optimize your retention strategy?
Maximize Onboarding Success
A formal, comprehensive onboarding program is a proven means of ensuring new hire success. The purpose of onboarding is to help employees adjust to the social and performance aspects of their jobs quickly and smoothly. Your onboarding program should include:
- Training and roundtable discussions.
- Meetings with key insiders.
- Stakeholder involvement in planning and execution.
- On-the-job learning supported by line management.
- Coaching, individual mentoring and HR support.
- Field and product experience, such as site visits and shadowing programs.
Have a written plan that specifies timelines, goals, responsibilities and support available to new employees. At all cost, avoid the “sink or swim” approach where workers struggle to figure out on their own what the expectations are and how to navigate and understand their new company and its environment.
Provide Attainable Goals
When you set performance goals for new employees, be sure they are realistic. The alternative is frustration for everyone involved.
- Stay focused. Work with employees to set goals that align with your company’s areas of focus. Be sure to get employee input throughout the process, so you know the results that they hope to achieve and can make adjustments if needed.
- Offer support. Check in regularly with employees regarding progress. Play an active role in encouraging them and answering their questions. Be accessible.
Challenging, attainable goals are a win-win scenario as they:
- Increase loyalty, provide a sense of employee ownership, and enhance personal and career development.
- Boost morale – and ultimately performance.
- Provide a venue for employee/manager relationship building and ongoing communication.
Motivate Via Incentives
Employee incentives can be monetary or tangible – and both are effective. While there is no cookie cutter design for the perfect program, build a robust incentive program and watch how it changes your business for the better. Components may include:
- Financial rewards. Employees need to understand the incentive criteria and calculation process. For instance, a manufacturing company may provide quarterly payouts based on safety, quality, waste, and delivery performance. Stock options and profit sharing plans give workers a personal stake in company success.
- Reward and recognition. This can be something as simple as free movie passes for solving an unexpected problem or fixing a piece of equipment. Or it can be more formal, such as a company-wide Employee of the Month program.
- Flexibility. Telecommuting, job sharing and working flexible hours are proven means of building morale.
Goodyear Tire & Rubber Company realized the value of tangible rewards as early as 1994, when the company ranked its 60 retail divisions in terms of sales and divided them into two groups of equal performance. One group received monetary incentives for selling a new tire line, while the other received tangible rewards. The tangible-reward group increased sales by 46 percent more than the monetary-reward group.
Retaining your top talent is one of your most crucial business goals. The expert team at CPS and Professionals Inc. partners with you to achieve this and other key strategic objectives. Read our related posts and give us a call today. If you are looking for staffing agencies in Syracuse NY, contact us today.